From next year, changes will come into force for the future of hoarding: do you know what will change? | Business

“From the beginning of next year, important amendments to the GPM Law will come into force, according to which people who have concluded contracts for investment life insurance or third-tier pension funds from 2025. on January 1, will no longer have the opportunity to take advantage of GPM relief and to recover up to 300 euros from the paid contributions when declaring income every year.

The conditions are also changing for those who are already saving for their own or their children’s future in investment life insurance or third-tier pension funds – until now, the relief was valid indefinitely, but from next year, the maximum period for which they will be able to use the relief is 10 years, that is, until 2034. December 31 For those who will conclude the accumulation contract this year, until 2024. on December 31, the GPM discount will also be valid for the next 10 years”, explains Ugnė Maižiuvienė, head of the Private Clients Department of SEB Life and Pension Baltic SE.

According to the survey, both men (57%) and women (60%) have not heard about the future changes in the application of GPM relief. Young people lacked the most information on this issue: more than two-thirds (69%) of 18-29-year-olds have not heard about the changes, and among 30-39-year-olds, this number reaches 60%.

However, according to U. Maižiuvienė, using the GPM benefit should not become an essential criterion for starting to save for your future.

“According to the survey conducted on our behalf, three thirds (76%) of Lithuanian residents assessed the financial situation of our country’s pensioners as poor or very poor in the context of the European Union. This opinion is also confirmed by the research data of the Economic Cooperation and Development Agency (OECD): Lithuanians currently entering the labor market can expect the lowest pension paid by the state in the future out of all the 38 countries that participated in the study.

According to current calculations, Lithuanians can expect only 29 percent. former salary pensions. So the most important incentive to save for the future should be our own future quality of life and financial independence,” says U. Maižiuvienė.